SF 897

1st Engrossment - 86th Legislature (2009 - 2010) Posted on 02/09/2010 02:17am

A bill for an act
relating to economic development; providing for redevelopment; authorizing
bonds; appropriating money; amending Minnesota Statutes 2008, section
116J.575, subdivision 1a.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2008, section 116J.575, subdivision 1a, is amended to
read:

Subd. 1a.

Priorities.

(a) If applications for grants exceed the available
appropriations, grants shall be made for sites that, in the commissioner's judgment,
provide the highest return in public benefits for the public costs incurred. "Public benefits"
include job creation, bioscience development, environmental benefits to the state and
region, efficient use of public transportation, new text begin reduction of vehicle miles traveled, new text end efficient
use of existing infrastructure, provision of affordable housing, multiuse development
that constitutes community rebuilding rather than single-use development, crime
reduction, blight reduction, community stabilization, and property tax base maintenance
or improvement. In making this judgment, the commissioner shall give priority to
redevelopment projects with one or more of the following characteristics:

(1) the need for redevelopment in conjunction with contamination remediation needs;

(2) the redevelopment project meets current tax increment financing requirements
for a redevelopment district and tax increments will contribute to the project;

(3) the redevelopment potential within the municipality;

(4) proximity to public transit if located in the metropolitan area new text begin ;
new text end

new text begin (5) the project's ability to reduce vehicle miles traveled new text end ;

deleted text begin (5) deleted text end new text begin (6) new text end redevelopment costs related to expansion of a bioscience business in
Minnesota;

deleted text begin (6) deleted text end new text begin (7) new text end multijurisdictional projects that take into account the need for affordable
housing, transportation, and environmental impact; deleted text begin or
deleted text end

deleted text begin (7) deleted text end new text begin (8) new text end the project advances or promotes the green economy as defined in section
116J.437 new text begin ;
new text end

new text begin (9) the redevelopment project is an alternative to building on undeveloped land; or
new text end

new text begin (10) the project promotes art and culture new text end .

(b) The factors in paragraph (a) are not listed in a rank order of priority; rather, the
commissioner may weigh each factor, depending upon the facts and circumstances, as
the commissioner considers appropriate. The commissioner may consider other factors
that affect the net return of public benefits for completion of the redevelopment plan. The
commissioner, notwithstanding the listing of priorities and the goal of maximizing the
return of public benefits, shall make grants that distribute available money to sites both
within and outside of the metropolitan area. Unless sufficient applications are not received
for qualifying sites outside of the metropolitan area, at least 50 percent of the money
provided as grants must be made for sites located outside of the metropolitan area.

Sec. 2. new text begin APPROPRIATION; REDEVELOPMENT ACCOUNT.
new text end

new text begin $20,000,000 is appropriated from the bond proceeds fund for grants from the
redevelopment account under Minnesota Statutes, section 116J.571.
new text end

Sec. 3. new text begin BOND AUTHORIZATION.
new text end

new text begin To provide the money appropriated in section 2 from the bond proceeds fund,
the commissioner of finance shall sell and issue bonds of the state in an amount up to
$20,000,000 in the manner, upon the terms, and with the effect prescribed by Minnesota
Statutes, sections 16A.631 to 16A.675, and by the Minnesota Constitution, article XI,
sections 4 to 7.
new text end